Tom's Blog
Suppose you are renting an apartment and in the middle of the night, there is a fire in the apartment next to yours. As a result, your apartment has smoke damage and residual water damage from the fire department’s efforts to put out the fire. Not only is your furniture ruined, but your television and other electronics are too. Do you have the right N.C. renters insurance protection to cover all of your damaged property?
Did You Know That 1/3 of All U.S. Households Rent?
If you are one of the 1/3 of people who rent, it is important to know that without having a renters insurance policy in place, your stuff may not be protected if a loss occurs. Many renters are not aware that they need a renters insurance policy to protect their things, assuming that the landlord has it covered! What you need to know is the landlord most likely has an insurance policy in place, BUT it is only for the building itself and NOT for your stuff!
Protect Your Stuff!
You may be surprised at how much stuff you have. In order to have adequate protection for all of your personal belongings, it is important to have renters insurance! A renters insurance policy is very affordable and provides protection for your personal belongings ranging from clothing, furniture, appliances, electronics, etc. at your rented residence. It may also cover the cost of small alterations/additions that you make at your expense, such as small repairs, or paint jobs inside your rented home.
Loss of use coverage is also provided under the standard N.C. renters insurance policy. Generally speaking, this is protection for you to cover reasonable and necessary living expenses you incur when a covered loss occurs, and you no longer can live there. Covered losses include, but not limited to:
· Fire
· Lightning
· Windstorm/hail
· Theft
The cost of a hotel or other temporary living arrangement will generally be covered until the necessary repairs to your home are made. *Some exclusions /limitations may apply; so ALWAYS talk with your local North Carolina independent agent for more details.
Is There Protection for Someone That May Get Injured at My Apartment or Rented Home?
The renters insurance policy provides medical payments coverage. This pays for medical bills for guests resulting from accidents that occur at your home (ex: A guest falls inside your apartment and suffers injuries) or for injuries you may cause to others away from your home. Suppose you are getting on a bus and poke somebody in the eye with your umbrella, resulting in an eye injury. The costs incurred will be covered, up to the medical payments policy limits of course!
*Keep in mind that this coverage does not cover any of YOUR own medical expenses incurred at your rented apartment or home.
Is Liability Coverage Provided Under a N.C. Renters Insurance Policy?
The good news is yes! It provides liability coverage for you and your guests for:
· Unintended damages to your rental
· Accidents that occur in your home
Suppose you leave to go to work one morning and accidentally leave the water running in the sink, resulting in water damage to your rental as well as the neighbor below you. Your liability portion of the renters policy will pay for the damages, up to the policy limits, and will also defend you against any lawsuit that may result, or any expenses associated with a lawsuit.
Anybody Who Rents Needs Renters Insurance!
Renters insurance provides a lot of coverage protection and peace of mind for a very affordable price! It is important to know that if you are a renter, you need renters insurance for your protection! Paramount Insurance Agency is a North Carolina independent agency that can answer any of your questions regarding renters insurance. We are a phone call away! Call us NOW at 866-869-3335 for a free quote on North Carolina renters insurance.
